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good news in the homebuilding front, kb homes, the list goes on, all those stocks doing well in the homebuilding category. nicole: that could be national association for business economics. liz: shares of the weight-loss drug are picking up. nicole: we talk about weight loss, everybody loves that. david: the bells are ringing on wall street, just barely holding on to triple digit right now. slightly off of the day's highs, but not by much. just two or three points. i may end up triple digits, we may not. iif it is happening right now. going to the big board, they're all in agreement by a hefty
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margin. take a look at the others, yes and be well above that percentagewise up about 1.25%. the nasdaq up even more percentagewise. the winner today or the russel russell 2000 large and midsize cap. liz: when you take it all apart and you coul compartmentalize a, take a look at wells fargo moving higher by 3.75%. citigroup better than four percentage points. bank of america is the biggest gainer hitting a 52-week high. david: energy stocks rising as oil climbed about $0.37 to settle above the $87 mark. energy sh giants chevron and coo ending in the plus. liz: consumer names getting a boost. adding time warner, walgreens,
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we just spoke, this is of course a consumer staple that people have loved along with names of her shoes. gettinhitting repetitive 52-week highs. david: apple, the ceo says he has a responsibility to create jobs, but how about creating shareholder value, where should the focus be after two months of a 25% loss of share value, should that be the target of tim cook and apple? liz: this is a huge crane maker and a food company have a great year, the stock up 70% thanks in part to having his hands in the cranes and food services part. he is going to be joining us exclusively this hour. here's why you have listened to him.
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is he keeping up pace in the new year and what part of his business is doing better. david: we have a very busy hour coming up, but what drove the market with the "data download." stocks pushing higher today at hopes they're moving higher to a debt deal. all three major indices posting gains with the dow and the nasdaq with a three session winning streak or adding onto that three session winning streak. financials and consumer discretionary for the top performing sectors while consumer staples like. falling for the lowest prices in five months have yet to spur demand. prices are down nearly 7% so far this month following the u.s. department of agriculture decision to cut the greens demand forecast. fact activity in new york state declining for the fifth month in a row in december as new orders dropped in the labor market remains weak. the new york fed empire state index falling into negative 8.1 from negative 5.2 in november.
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liz: we have larry in the pits of the chicago mercantile exchange. he will let us know about the clothes. the fiscal deal is coming. they will find out in a second, and says the market is heavily discounted and at historic levels. should you jump in? a 100-point gain on the dow jones industrial a full percentage point for the russell and the s&p and the nasdaq rather. this is a great day, isn't it? >> a good day, that is for sure. kind of took an informal poll on the floor ask a few traders are we going to reach the fiscal cliff, are we going over it? certainly most traders were not in agreement. everyone is in agreement we're not going to go over the fiscal cliff. liz: the highest of the session of the last hours of trading, what does that tell us about the
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next couple of days? >> traders have confidence. as you said, finish right on the high of the day at the 1425 level. david: larry, let's narrowly focused in on apple for a second. has it beat the losing streak right now or is today just another blip? >> i think today just may be a blip. they were having to sell on the weakness and finally got a chance to sell on the strength. we'll have to see that continues, but a lot of people came and sold apple on the rally. liz: larry, we will check back in within a couple of minutes to see how the s&p futures close in whawhat gives us an indication f how the market will open tomorrow. david: let's bring in our market panel. managing director, and the chief investment strategist with advisors asset management.
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let me go first to jim, it appears some sort of progress might be made inside the beltway. it is a concern for all the talk about how taxes are not involved in the best decisions. it is a decision that affects investment strategy. i wonder about the strategy of selling right now if you have gained, marking your gains in this tax structure because we know whatever they decide inside the beltway probably taxes are going to go up on some form of investment in the new year. book your gains and get back to the market on january 1. >> everything you said is true, but market timing is a difficult thing to do, getting back in, you have to execute perfectly and over the long-term asset allocation overrides past decisions. if you decided there is something you should sell, you should sell it this year. you can make up the difference
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in the stock price action in january if the market continues. liz: would you be buying equities here? >> and moderately positive environment. 2% growth in the united states, 7% china, 5% india, negative one in europe. in that environment you want to own a portfolio of multinational companies with dividends, global exposure, it will provide as good of a return as anything else when you have bonds and cash paying so low. as long as you understand you're in the seven, 8% environment, portfolio stocks should be part of that. david: let's talk to a guy that says full speed ahead torpedoes. he thinks it will be better than this year was. saying people are confusing pickups for heart attacks in today's market to all these problems are going to seem like
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nothing when we come to the big gains of next year. you really think that will bear out, and how do you invest with that kinddof optimistic strategy? >> first of all what we have seen with investor sentiment is contradictory to what we've seen with consumer sentiment and business sentiment. when you see negative investor sentiment is not just in the retail side but also the institutional side creating a great potential opportunity for performance. secondly if you take a look at kicking the can down the road like the fiscal cliff and every debt ceiling in the past decade, what you tend to see as the parenparanoia. david: paranoia is based on delusion. there's no dilution about the taxes going up. that'll affect the amount of profit you make.
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>> the federal reserve can we never fight the fed, they always have their foot on the pedal and a full gas tank. it is 65 trillion. when you see that coming to the consumption will increase. recall what happened in the second and third quarter with a one .5% gdp, exceeding expectations at 40%. what happens with that, really large discounted values and risk assets. china could be one of the best places to invest because of what is going on over there. history says we see that combination, they have a huge rise in multiples. liz: ironically you like china, you're looking through it like a totally different prism.
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with such a wide spectrum of places to invest, pin it down, narrowly focused. >> i'm saying he can play china for the large-cap multinationals that the secular growth is in the us user's market but relatiy speaking the good growth story and a good place to be so you can get both with long multiples and big dividends. in case anything goes wrong. some problems the middle east, still not out of the woods in europe. liz: they do business in china or not in china? >> they get the china effect possibly with capturing the united states, period. david: mcdonald's, ge. let's talk about housing for a
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second because good hosing rising all the housing stocks looking at the retail stocks. there is a lot of pent-up demand, and that has been a huge drop off a number of new houses being built partly because housing contractors were going bankrupt all over the country, so set what is leading with the pent-up demand? >> they call it a once in a generation opportunity. 1.8 million households per year. looking at 2008, third of the new creation wiping out the excess inventory. that is the pent-up demand, getting exhausted by the way. housing, which is understated on the net worth, you will see housing have a bigger impact
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going forward than it is giving the credibility right now. liz: good to see you both, thank you for your ideas. david: excellent stuff, thanks. liz: part of the valley where the dow was up 100 points has to do with the fact president obama meeting with john boehner again today. up next, taking it to d.c. to see what, if any progress can be made as we get closer and closer to that fiscal cliff and tax hikes for them. david: should it be a focus of a major company like apple? is it the best, is it the best interest of shareholders to create jobs or create shareholder value? coming up. [ male announcer ] this is steve.
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liz: we told you where he would be back to tell you how s&p futures close. he is right there looking at it in the cme pits. larry: what is interesting as in 15 minutes that you guys left me came back, traded up to 1428 in the s&p higher. institutional buying. we have rollover period. buying in the back month also. a lot of excitement here. liz: larry, thank you so much. david: look for a good day tomorrow. shares of hercules getting a boost today. let's head back to nicole on the floor of the new york stock exchange. what is happening to herc? >> we're looking at hercules offshore. this is houston, texas, based company in the oil and gas realm. they had positive comments for deutsche bank today. look how the stock closed. up over 5%. they were raised to a buy from a hold. $8 price target up from $4 price target. that is good news there. deutsche bank is saying that they see improved demand. they talk about commodity pricing being favorable for hercules. the one thing i should note
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that the company's market cap is slightly below one billion. always good to make a note when not a huge company. this is one of the smaller companies in the realm. talk about the fact they're most gas levered names in the gulf of mexico. deutsche bank liking hercules. liz: they have done a great job under very trying circumstance even though they mostly drill natural gas. they were swept up in the bp disaster so. david: i love the stock symbol. hero. always remember the hero. hercules the hero. liz: thanks, nicole. we're weeks away from possible tax hikes for everybody. there is still no debt deal. people are still at least talking. communication channel open to a trickle but we'll take it. president obama today and john boehner met once again. david: what happened? are there any specific proposals gaining traction inside the beltway? 's go to rich edson reporting on the late e. rich? >> speaker and president are working with a framework t would cut spending by a
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trillion dollars over the next decade and raise tax revenue by a same amount on amounts over a million dollars and curbing deductions over a process congress would negotiate next year. they're talking about continuing and phasing out payroll tax cut, extended unemployment insurance, possibly a major sticking point for republicans, raising the debt ceiling. the white house says negotiators are trying to configure a deal with republicans that can pass congress and insure wealthier americans are >> any potential agreement would not only have to align with the president's principles. it would require tough choices by both sides including the president, and including republicans. it will not be a deal that any single person or either party is going to say, reflects exactly what they wanted.
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>> house speaker john boehner is speaking with house republican leadership now. tomorrow morning at their weekly meeting. back to you. liz: rich edson, thank you very much. david: thanks, rich. is the ongoing fiscal battle in d.c. hitting the housing market? one new york's top real estate agents. she booked more houses in dollar amount than anybody in the world by double. dolly lenz says yes it is. find out why and her outlook for the new year. you don't want to miss that coming up. liz: manitowoc. this company manufactures those gigantic cranes. they have a separate business, food service equipment within manitowoc. inneresting mix but it's working. the stock is up nearly 70%. if you put all your money, not that we're recommending, in manitowoc you would be up 70%. we have the man behind the mission there. chairman and ceo of manitowoc joins us exclusively after the bell. how is that crane business going at the end of the year
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david: we have breaking news on the dividend front. boeing is raising its dividend 10% to 48 cents, 48.5 cents per share. but get this. it is not one of those advanced delivery of the dividend to get in there before taxes go up. it is payable on march 8. it is a big dividend but payable whatever tax
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structure we're under on march 8, 2013. it is assuming the stock repurchase program to a whopping $3.6 billion, liz. liz: take a look. crane and food service equipment-maker manitowoc rising more than 70% this year. look, it had a big dip in may before steadily climbing back uppto where it had been but what part of the business is driving growth? they have two parts here. can we expect to see that kind of trajectory continue or might there be another spring-like plunge? joining me in fox business exclusive, manitowoc chairman and ceo, glen telloc to rang the closing bell. congratulations. >> thank you, liz. liz: i love the manitowoc story because it is manufacturing here in the united states gigantic cranes. you have the food service business. i want to get right now to the stock which has done beautifully twice this year. did a dip and came back up. what has been the primary driver? >> well, certainly something, just the mark in growth but i think the focus that we
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have, people understanding maybe the strategy in the food service side. there are great margins in food service. couple that with the growth in cranes i think it's a pretty good story. liz: what kind of growth in cranes? can you get specific? >> our guidance at year was 15 to 20% growth there and margins are growing there despite, you know, pretty weak economy in europe and things in china. so the growth in the america, south america and emerging markets. when you look at food service, even on some slower, you know, flattish type growth over the second and third quarters, the margin increases that we've had i think people are starting to see why the combination of these two as you showed earlier, cranes, plus food service equals profit. liz: okay. i mean i definitely see that but you just mentioned europe. where is the growth in your crane business? who is, buying your cranes? sorry, is it asia, or you just mentioned south america s that sort of a brazil
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pre-olympics play? >> i think actually it is sort of obviously brazil but there is chile, peru, colombia, all have been good markets and so, you know, the americas has been good. if you look at what is going on in the energy and the, the energy and the petro chem type business, the fracking is good type business and boom trucks that has driven the growth. you have australia's been good. russia is coming back. after can has been a good story this year. i think you put all that together on the crane side it offsets some of the negatives we've seen in europe and china. liz: okay. let me just make that clear for our viewers. the americas, chile, peru, some of brazil, russia and then of course the fracking business is just amazing. let's get to the food service part of this. you know, your involvement in two different businesses. it is a reat balance one is weaker and one pulls up the
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rear. how well is the food service business and where are the pockets of grenlt? >> the -- strength. pockets of strength are as they recapitalize their businesses. things like, how do you get more people in the footprint of what you have? there is menu changes. there is the healthy meal type areas. there's, the, can't think of what i'm looking for, the sanitation and the health type concerns. liz: sure, sure. >> then you look at the growth the global chains have in china, in india, that's all taking, taking off for us. you look at the footprint that we have in food service, arguably have the best product range and global footprint of any of our competitors. liz: are you hiring, glen? >> we are in certain markets where it makes sense to hire. here in the americas, a lot of engineers we're trying to hire. there is parts of brazil. the factory that we have in brazil right now, continue
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to hire there. we're the markets are good, yes, we are in fact hiring. liz: i have to ask you as a crane manufacturer because it was such a big story here in new york area just two months ago we faced this horrible, you know, the hurricrane around the time of sandy because the high winds bent this gigantic crane on 57th street in midtown. how closely did you watch that? that wasn't one of your cranes, was it? >> no. it was not one of our cranes but we watched it very closely -- type of opportunities. for instance, some of the things that i've been seeing recently, i don't have a lot of information on sounds like they tried to do all the right things in pretty adverse situation which is a hurricane. there are other obviously cranes up in the air in new york city at the time that didn't have props. so i think the processes are good. i'm not sure what happened on that one but, yeah, we watch out if we -- that
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situation to improve it. we can help out. liz: getting taller and taller. and you make them beautifully. good to see you you. thank you, glen. >> always a pleasure. >> manitowoc chair and ceo. david telloc. 70% gain over 52 weeks. not bad. david: wow, that is good run. oregon lawmakers making sure big companies like nike have a reason to stay in their state many years to come. coming up next, oregon state senator mark haas, whether this state made a tax deal for only one company. should apple shareholders be happy to hear that ceo tim cook feels a responsibility to create jobs? should that be a bigger driver than increasing apple's share price? we'll have a big debate on that. log on to facebook.com/afterthebell. the let us know if job creation should be a major focus for all companies. ♪ .
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liz: if our recovery is all about jobs listen to story. the oregon state legislature passing a new tax deal in special session last friday in effort to keep footwear giant nike and other companies in the state for many years to come. david: state legislators say it is a big win for ore fon.
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joining us one of those legislators, oregon state legislature mark has. thanks for coming in. you know what critics are saying a lot of groups in oregon say like ore gone center for public responsibility. say it is black mafl. that nike put a gun to the head of the governor and said if you don't do what we want we'll be moving and you don't base tax law based on one company. how do you acknowledge that. >> this news story pales in comparison what you're going through back there. david: thank you very much, senator. >> our prayers for oregon. we went through a similar tragedy a few days before that one. david: there are too many in the past couple months for anybody's comfort. i appreciate that. but what will about the charge that you're making this law for just one company? >> well, it's nonsense. first of all, let me could, put this in perspective, nike has counter intuitively grown so fast in the last
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five years, upwards of 60% of their employee base at the world headquarters here just outside of portland and they came and said we need to make a major expansion to the tune of upwards half a billion dollars and we want to do it in oregon. is there any way that we can guaranty that the tax structure that we have now won't change? and the governor and legislature said yes. we could work that out. and essentially what we did last week. there was absolutely none of this blackmail that you spoke of. it was --. david: wasn't me saying that, senator. the oregon center for public policy. >> it is just ridiculous. they never ever said, if you don't do this we'll leave. they said will you help us and we did. they're not getting any special breaks. no tax cuts. no deals. none of those economic development goodies of road projects or water systems or freeway interchanges. they're not getting a free stoplight. all they're getting is
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certainty that the system that exists now will continue to exist. liz: continue. senator, what is nike aside from the obvious, bring to your state? it is an iconic name. it's always been there you would definitely not want to lose it but give us tech ture what nike really means to oregon, apart from the obvious which is all the jobs? >> be happy to do that. nike has a long colorful history in our state. it was founded by the legendary track coach, olympic team track coach, bill bower man. one of the runners on his squad, phil knight, first outer soul track shoes were discovered on his wife's waffle iron. it started in the '70s. all of us in oregon watched them grow up and we've kind of grown up together. i think part of nike's personality is intertwined with oregon's personality and part of oregon's personality is intertwined with them. if ever there was a state that resonated with a company would be oregon, given their, you know,
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sports and fitness and outdoors and even, their personality, which is very independent and has a distinct brand of its own, fits very, very well with oregon. they're popular here. i think majority of oregonians by and large were very happy with what we did last week. it wasn't just for nike. it was for anybody does the same thing as what nike is proposing. i think this bill will be signed into law by the governor this week. i expect in the next 30 days or so nike will announce exactly where and how much and how big this expansion will be and i'm just really proud that we're able to partner with them. david: senator, there is a lot of competition now between the states. you see it particularly in the midwest over right-to-work laws. are you pressure with states around you to enact laws that might be more business-friendly? >> well i mean, that's the reality. i'm very sensitivv to this that all of these states are competing for great companies like nike and
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intel. intel is our largest private employer. that's a fascinating subject and i think what, what a lot of these companies want in addition to some of the incentives, i think what they want more than that is the security of knowing nothing crazy will happen to their tax structure. david: good point. >> you guys understand personal services contracts and you know there's a lot of value if your employee came to you, okay, we'll make this certain for 10 years or 20 years. that's really has got more value than revenues in some cases. i think that is all nike was asking for was some certainty. we could raise their rates tomorrow if we wanted to. they're okay with that. they wanted the structure to stay in place. david: i don't think anybody is okay with their taxes going up but that's just me. senator, thank you very much. good to see you. >> thank you. liz: the swoosh stays for now. david: appreciate it, senator mark hass. tim cook says he has a responsibility to create jobs. is that more important than creating shareholder value particularly when we've seen
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the stock drop 25% in just two months? we'll debate all this coming next. ♪ . copd makes it hard to breathe,
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and some eyerobls. tell your door if you have a heart condition or high blood pressure before taking advair. if you're still having difficulty breathing, ask your doctoif including advair could help improve your lung function. get your first full prescription free d save on refills at advaircopd.com. >> i'm adam shapiro with your fox business brief. wall street ends the trading day in the green with stocks closing near session highs. traders and investors optimistic that progress is being made in the fiscal cliff negotiations. brazilian prosecutors say chevron offered to pay nearly $150 million to settle two civil lawsuits stemming from an offshore oil spill back in november 2011. brazil's environmental agency has to confirm chevron's claim that the spill had no significant impact on the environment before any deal can be finalized. "the financial times"
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reports roughly three dozen people will be implicated in the rigging of libor interest rates when ubs settles with global regulators later this week. ubs is close to finalizing a deal with authorities in the united states, united kingdom and switzerland which the bank will pay roughly 1 1/2 billion dollars. that's the latest from the fox business network, giving you the power to prosper.
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liz: time for a quick speed read of some of the day's other headlines. five stories, one minute. first up tropicana turning to veggies to get people to buy more juice. pepsico is introducing tropicana farm stand next month the chilled drinks will contain a variety of vegetables including carrots. pepsico is changing the way it makes diet pepsi as it rebrands the popular soft drink replacing aspartame with a mix of two other artificial sweeteners. pepsico says this won't change the taste. we'll see. aig could raise as much
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as $6.5 billion selling its remaining stake in asia's third biggest insurer, aia group. aig plans to use proceeds for the general corporate purposes. >> "the hobbit" taking in a massive $223 billion in the box-office this weekend. just under $85 million here in the states alone. making biggest friday to sunday domestic debut ever. according to "the wall street journal" the parent company of news corp and "wall street journal" planning to unveil cable sports network next year. news corp has been making variety of sportscasting deals. fx-1. david: i can't wait. apple shareholders are nervous looking to management for some sign, any sign they are addressing the company's plummeting stock value. its decline 25% over the past two months. when ceo tim cook recently described his company's responsibilities as quote, creating jobs, many shareholders became even
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more worried about the stock's future. should apple or any other company for that matter, be more concerned about creating jobs than they are about creating shareholder value? joining us now is rich karlgaard, "forbes" magazine publisher, and phillip dine, updated evidence digs of state of the unions, how labor strengthens the middle class, improve the economy and regain political influence. rich, why did tim cook say this? a lot of shareholders, millions of shareholders who want the stock value to come up and creating jobs is not what they see management's first responsibility being. >> i think he said that partly for political cover. apple is still a very valuable, powerful company, is the most company that ever was in september when it reached high. when you have that you have targets painted on you. issue for apple is faces competition from its most profitable product, the
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iphone with sam unis and everybody getting into it. the first obligation to have as successful future as it has in the past. david: phillip, the point here, the very simple point, sometimes the company becomes more valuable if it lays off workers. an awful fact. we saw it recently, saw it happen december 5th with citigroup. citigroup announced they were laying off 11,000 workers around saw the stock rise 7% on the same day. specifically because they laid off workers some what happens when laying off workers actually helps a company's stock value? >> well the way you pose the question at outset, should a company be more concerned with creating jobs than with its bottom line. i don't think that's the question. for too long people have said a company should only be concerned with the bottom line. i think that --. david: hold on a second, phil. i knew you were going there. that's why i specifically asked about the citi example. there was example, cutting workers, laying off 11,000
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workers led to a 7% increase in the stock value? how do you explain that? >> look, if a company is overstaffed it obviously needs to have an appropriate workforce. there is no argument there. david: so that means that what tim cook was saying was inconsistent with the facts? sometimes you have to focus on cutting workers in order to create more shareholder value, right? >> the question is, well, are we talking about jobs overseas versus jobs here? are we talking about workforce size in the united states? david: the point is, you have to go wherever you can in order to get the most value for your shareholders, right? >> well, that's what i want to address. and yes, but you're talking short term. long term every corporation benefits from a robust economy and from an expanding middle class that can buy the products. they also benefit from good public relations in a positive image when they move jobs back to this country instead of having workers overseas who aren't free to bargain decent wages
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do the work. david: okay. rich, i guess what concerns a lot of shareholders out there, apple shareholders is, the question, is tim cook taking his eye off the ball? is he focused, as you mentioned this was done primarily for political coverage. that really didn't enter into it. i never saw it enter into steve jobs mind. he was more focused on getting shareholder value wherever he got it. maybe not so with tim cook. >> tim cook has had a really good 14 months run as steve jobs successor except for the last two months. the first cracks started appearing two months ago with apple's mapping technology which is far interior to google. apple, as it comes to jobs, small, lower case j, the number of jobs apple creates apple is little different because it is so profitable i think it can have growth by creating jobs but the primary thing tim cook should be concentrating on is the sudden new
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competition in the smartphone space. if that means creating inno site tiff jobs in america or inno site tiff jobs in -- innovative jobs in china, you . he has to drive the innovation of that's what you make a profit for. david: fillip, i ask you again, do you have have to choose creating jobs on one hand and other hand creating value? >> you probably often have to choose. whether it comes to creating american jobs or jobs overseas you ought to opt for american jobs, not only are you being responsible member of society, you're expanding the economy and you're expanding your customer base. david: rich, what do you think about this move from china? now a lot of companies for very cost saving reasons are coming back to the united states saying there is so much corruption in china and they don't deliver the orders properly, et cetera, jobs back home to america.g is it that more than the political cover? >> you know, i think so. i think phillip and i will see the same happy results
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even though we come at it from different angles. i think you should freely trade and freely create customers and employees wherever you want in the world. i don't see you have a moral obligation to do it within certain borders. but with fuel costs rising around the world, with wages going up in china 20% per year, with uncertain future leadership in china, with america's increasing energy independence, which is a real positive surprise, it all argues for bringing back jobs back to the united states but for the right reason. david: boy, that would be nice if we got good manufacturing jobs right here again, creating shareholder value at the same time. rich karlgaard, phillip dine, thank you very much. appreciate it. >> thank you, david. david: liz? liz: david, the housing market recovering a bit in 2012. a lot of people feel it is getting stronger. will it be gaining even more strength in 2013? up next one of the best real estate minds out there, dolly lenz, vice-chair of
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prudential douglas elliman real estate. she moved more than 7 billion in top end homes and apartments. she is giving her very valuable outlook for free to you on the new year. stay tuned. ♪ .
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liz: so you've been hearing it here on fox business. the real estate market showing pockets of strength this year as home sales and values rise, but if a deal is not reached as far as the fiscal cliff is concerned, will housing's road to recovery come to a screeching halt? david: think of all the ways which taxes will be changing that could affect real estate. joining us is dolly lenz. we don't have to tell her. prudential douglas elliman vice chairman, one of the best in the business. dolly, capital gains, mortgage deduction, the whole ball of wax could change in 2013. does that mean people are willing to sell at a little less, sacrifice a little to get gains this year? >> i am on roller blades not knowing where to go with one deal after another being proposed just so they could close by year--nd. i just left somebody on my way here, said i will close by year-end if i get this deal. i know the seller. will make a good deal because taxes are so
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high. david: what percent are they willing to cut in order to make a deal this year? >> in this particular case, 20%? david: wow. liz: the seller will come down 20%. >> think about it. they purchased the apartment for $75,000. we're looking $12 million deal. david: that is pure cap gains. liz: that is nice return on investment. >> that is huge, right. there will be a lot of tax on that no matter what direction. liz: they have to get it done. >> exactly, exactly. liz: what are you seeing? if people are front-loading what is going on right now, does that mean come january this market is dead? >> i think it will be a ghost town come january, not only for real estate. everybody will close this year. also think about tax coffers. mansion tax. transfer tax. all of these taxes would have been paid this year, borrowing from next year. so i think it's not a good first quarter. david: there is another tax we haven't talked about, inheritance tax. >> yeah. david: i'm wonder ifing lot of people, a lot of older people stay in their mansions and want their kids
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to be able to sell it off, if those kids are looking at this huge jump in inheritance taxes say i will not sell it, but keep it and rent it out. >> exactly. if they can. condos, townhouses anything like that you can. in a co-op will be less likely. david: will that mean more rentals will be on the market? >> not yet, but there will be. liz: dolly deals in high-end properties. we want to show you some of them. look at this one first. this is $24 million residence. tell us about this. i'm sorry this is the 10 million. i had the 24 listed first. this is the 10 million. >> we're back to 24. liz: beautiful townhouse. >> beautiful mansion absolutely gorgeous. >> anybody buy this at end of the year? >> private equity guy or chinese buyer. those are two bidding on it right now. david: will chinese buyer pay cash? >> everybody is paying cash. liz: because they can't get financing? >> in this time frame it
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will be i'm impossible. they will get private loan but in terms of cash. liz: talk about chinese, what about russian oligarchs. >> i'm not getting a lot of russian oligarchs. david: we have to rapid. liz: money with ♪ [ engine revs ] ♪ ♪ [ male announcer ] the mercedes-benz winter event is back,
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FOX Business After the Bell
FOX Business December 17, 2012 4:00pm-5:00pm EST

News/Business. Stock market updates. New.

TOPIC FREQUENCY China 15, Oregon 14, Nike 12, Us 12, Ho 8, Manitowoc 7, Brazil 6, Apple 5, United States 5, Europe 5, America 5, S&p 4, New York 4, John Boehner 3, Pepsico 3, Steve 3, Hercules 3, Prudential Douglas Elliman 2, Chevron 2, Ubs 2
Network FOX Business
Duration 01:00:00
Scanned in San Francisco, CA, USA
Source Comcast Cable
Tuner Virtual Ch. 130 (Fox Business)
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Audio Cocec ac3
Pixel width 720
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